Finns consider it important to prepare financially for retirement, although one Finn out of four believes he will still be working after retirement. This is the outcome of OP-Pohjola Group's Investor Barometer for which one thousand Finns were interviewed.
Two thirds of Finns are of the opinion that saving for retirement is important and only 16% of the respondents are confident that their employee pension will guarantee sufficient income during their retirement. According to the respondents, the most important sources of income during retirement are voluntary pension schemes or other savings, in addition to employee pension.
However, more than half, or over 61%, of the respondents feel that they have not prepared enough financially for their retirement. Consequently, one Finn out of four (27%) is preparing to work after retirement. Nearly as many envisage receiving supplementary income during retirement through inheritance, and a somewhat smaller number is counting on receiving additional income by selling their home.
Only one Finn out of ten regards himself as an investor
According to the survey, a Finnish household is able to put aside an average of 407 euros a month. Of the respondents, 89% regard themselves as savers rather than investors.
Those considering themselves to be savers are most typically women and salaried employees. Their primary objective is to save up for unexpected expenses, holidays or acquisitions for the home, and the bank's investment advisors are their main source of information.
People considering themselves as investors are generally young male entrepreneurs under 25. They are mostly saving up for a house or a car or in order to increase their wealth and assets, and the internet is the source of information most natural to them. Investors generally have a more positive view of the economic development than savers.
Only 9% of the respondents are profit-seeking investors. Over 90% of the respondents regard themselves as moderate, conservative or very conservative investors.
Home prices still expected to rise
Well over half of the respondents (56%) believe that home prices will rise from their present level as compared with 43% reported a year ago. Of the respondents, 68% expect an increase in interest rates, as against less than half, or 47%, last year. Of the respondents, 45% are confident that stock prices will rise.
Those expecting higher unemployment in Finland now only account for 26% of the respondents, as against 66% a year ago.
OP-Pohjola Group's Investor Barometer produces information on household savings and investments. The present survey is the 16th carried out since 2003. In October this year, Taloustutkimus Oy, a market research firm, interviewed 1,004 people aged between 15 and 74 who were in charge of financial and investment decisions in their households.
For more information, please contact: Mika Kivimäki, Senior Vice President, OP-Pohjola Group Central Cooperative, tel. 010 252 2735